First Korea-U.S. Trade Talks Under the Lee Jae-myung Administration… Focus on July 8 Package Agreement

Meeting with USTR Representative to Discuss Mutual Tariff Reductions, etc.

Chief Trade Negotiator Visiting the United States on the 22nd

Issues on the Table: Lifting Beef Age Restrictions, Export of Google Detailed Maps, etc.

Expected Topics for Negotiation

The first high-level Korea-U.S. trade talks since the launch of the Lee Jae-myung administration will be held in the United States next week. As the newly appointed Chief Trade Negotiator travels to the U.S. to discuss tariff-related issues, there is growing focus on whether the two countries can accelerate the talks and achieve meaningful results.

The Ministry of Trade, Industry and Energy announced on the 21st that Chief Trade Negotiator Yeo Han-koo will depart for Washington, D.C. on the 22nd to hold trade consultations with U.S. officials. During the visit, Yeo is scheduled to meet with senior officials of the U.S. government, including Jamieson Greer of the Office of the United States Trade Representative (USTR), to discuss issues such as tariffs.

Prior to the new government’s launch, Korea and U.S. trade authorities had agreed to reach a comprehensive ‘July Package’ agreement on tariff issues and continue negotiations through July 8. At this stage, both sides have placed their specific requests on the negotiation table and are preparing for give-and-take style bargaining.

The United States is reportedly demanding a range of solutions to 'non-tariff barriers,' including lifting the prohibition on beef imports older than 30 months and allowing the export of Google’s detailed maps, in addition to efforts to balance trade by increasing its product sales.

The Chief Negotiator's strategy is to secure exemptions or at least significant reductions from the 25% reciprocal tariff imposed or expected by the U.S. on items such as steel and automobiles applied worldwide. Yeo will work to clearly understand U.S. demands, explain Korea's position, and seek common ground on areas where agreement is possible.

Since taking office on the 12th, Yeo has led coordination between working-level divisions and related ministries to prepare for trade talks with the U.S. With Korea’s high dependency on trade, the economic impact is already being felt—exports of automobiles, a key sector, plunged more than 30% last month alone due to the effect of the 25% automobile tariff.

However, given Korea’s presidential election in June and other domestic and overseas political factors, the pace of negotiations has been slower than expected, making it difficult to stick to the July 8 schedule. On this, Yeo stated at the Trade Promotion Committee on the 17th, “We plan to actively pursue shuttle ministerial talks and technical consultations with U.S. officials as needed,” adding, “Negotiations will proceed at a very rapid pace in the coming weeks.”

Ahn Hye-won, Hankyung.com reporter anhw@hankyung.com